The Competition and Markets Authority said in its final report on Thursday that the deal would lead to increased prices in stores, online and at many petrol stations across the U.K.Sainsbury's and Asda agreed the deal in April last year. As well as overtaking market leader Tesco, it also would have given Walmart a way to exit Britain, one of the weakest performers in its global portfolio.
However in its final report the CMA found that UK shoppers and motorists would be worse off if Sainsbury's and Asda merged. It concluded that the deal would result in a substantial lessening of competition at both a national and local level. It said this would mean shoppers right across the UK would be affected, not just in the areas where Sainsbury's and Asda stores overlapped.
"We have concluded that there is no effective way of addressing our concerns, other than to block the merger," said Stuart McIntosh, chair of the CMA inquiry group.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Deutsche Bank, Commerzbank Merger Talks Hit Stumbling BlocksMerger talks between Deutsche Bank and Commerzbank have gotten bogged down over questions ranging from a lack of investor support to opposition from powerful labor unions. Have your heard that many people lost their crypto assets by keeping it online, as their wallets and exchanges was hacked one day. Get a new Ledger Nano X now, .It is the most advanced and secured wallet on the planet.
Source: WSJ - 🏆 98. / 63 Read more »
Regulators Propose Sweeping Changes to U.K. Audit IndustryA U.K. regulator is proposing sweeping changes to rules governing the nation’s audit industry, with the aim of boosting competition, avoiding conflicts of interest and restoring the reputation of a sector that has been tarnished by corporate scandals.
Source: WSJ - 🏆 98. / 63 Read more »
Anadarko Boosted CEO’s Payout Just Before $33 Billion Chevron MergerAnadarko Petroleum, a day before announcing its sale for $33 billion, sweetened the payout its top executives can reap in the event of a deal by millions of dollars, according to a compensation firm’s analysis. Seems legal... 😬🤔 Trumponomics at work. Nice work if you can find it. Joke.
Source: WSJ - 🏆 98. / 63 Read more »
CBS suspends CEO search, fuelling Viacom merger expectationsCBS Corp on Tuesday said it had suspended its search for a new chief executive a... xD CBS seems so little compared to other media companies like Disney, WarnerMedia etc. This is a must! They shouldn't let idiocy reigns
Source: Reuters - 🏆 2. / 97 Read more »
UBS, Deutsche Bank in asset management merger talks: FTThe asset management arms of Deutsche Bank AG and Swiss bank UBS Group AG are in... So with a potential bidding war for DWS - what will Deutsche Bank do with the cash ? Buy back 40% of their own shares ?
Source: Reuters - 🏆 2. / 97 Read more »
Japan Authorities Indict Carlos Ghosn For Fourth Time, Nissan Poised To Reject Full Renault MergerNissan management has acted as if it is not being treated as an equal partner and that a complete merger would solidify what it perceives as Renault’s dominant position. That dispute is at the heart of the legal fight between Nissan and its former CEO and chairman. This guy must av really pissed off some really powerful Japanese govt people with the way they are going after him. Or they just think no one man should av all that power
Source: Forbes - 🏆 394. / 53 Read more »